Corsair, a New York-based private equity firm targeting payments, software and business services, has sold its majority stake in Oakbridge Insurance (Oakbridge), an independent insurance and risk management agency, to Audax Private Equity (Audax)
Audax, an alternative investment manager and capital partner to middle market companies, in turn has announced a partnership alongside management to invest in Oakbridge Insurance.
Oakbrige was formed through the combination of four agencies as a middle market brokerage in Southeast USA. The company specialises in key verticals, including agriculture, construction, and transportation to municipalities, senior living, and non-profits. It also employs an integrated “One Oakbridge” operating model based on partnering with employees.
Terms of the transactio, which sees Oakbridge’s management team and employees continuing to maintain a significant ownership position in the company, have not been disclosed.